What Happened?
Shares of PCB manufacturing company TTM Technologies (NASDAQ: TTMI) jumped 7.3% in the afternoon session after reports suggested the company could be a major winner from Alphabet's expanded spending plans for artificial intelligence (AI) infrastructure.
Alphabet, Google's parent company, announced it planned to spend between $175 billion and $185 billion in 2026, which almost doubled its prior spending on AI systems. TTM Technologies manufactures advanced printed circuit boards, which are essential components for AI infrastructure. The news came after the company reported strong fourth-quarter results, with sales growing 19% compared to the previous year. This growth was driven by solid demand from data center and networking customers who are building out systems for generative AI.
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What Is The Market Telling Us
TTM Technologies’s shares are extremely volatile and have had 40 moves greater than 5% over the last year. In that context, today’s move indicates the market considers this news meaningful but not something that would fundamentally change its perception of the business.
The previous big move we wrote about was 2 days ago when the stock dropped 10.4% on the news that sentiment weakened following a surprisingly weak private payrolls report from ADP.
According to the ADP National Employment Report, the U.S. private sector added only 22,000 jobs in January, falling significantly short of economists' estimates of 45,000 to 48,000. The slowdown was led by the manufacturing and the professional and business services sectors. The professional and business services category was particularly hard-hit, shedding 57,000 jobs, marking its most substantial monthly decline since mid-2025. This lackluster hiring data points to a potential cooling in the labor market, raising concerns for companies whose revenues are closely tied to employment levels and business spending.
TTM Technologies is up 39.9% since the beginning of the year, and at $98.77 per share, it is trading close to its 52-week high of $107.57 from February 2026. Investors who bought $1,000 worth of TTM Technologies’s shares 5 years ago would now be looking at an investment worth $7,025.
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